New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-04-05
4 Law TO DISCOCRAGE IHhIfE


bank and trust company deposits,
though in these days of con-
tagious cranincss it is prudent TO keep
close watch on all fantastic propositions
But in any case it is curious inquiry how so
singular a measure came to DC proposed, and
what interests arc concerned in the persistent
rcproduction of it session after session. There
is nothing in the principle of the bill TO dis
close these facts, for the principle OF the bill
is simply antagonistic to every requirement oil
civilization and progress. 1t might, perhaps,
be thought that it was an Anarchist manifesto
bnt the first bill of the kind was introduced
long before the Anarchists had been beard OF.
II is indeed remarkably difficult TO find an ex-
PLANTATION of this mysterious bill, because no
interests deserving the name could possibly be
served by its enactment. Taxation of savings
bank deposits would, of course, he the imposi-
ton of a penalty upon thrift. 1t would have
but one tendency namely, to discourage saving
Are there in Ncw-Yorlf any persons whose IN
tercst it is to effect this If there are they
certainly ought TO be known to the public.
The deposits in the savings banks are as n
rule the hardly earned surplus wages OF our
humblcst and most industrious classes. The
mechanic the small tradcsman The domestic
servant furnish probably thrcc-fourths of the
whole amount of these deposits. The savings
banks arc among the most useful and valuable
institutions we have. They not only educate
numbers in habits Of thrift but they utilize
small sums as they could be utilized In no
other way, namely, by aggrcgatins them mus
n modest interest is secured for the dcposltor.
but an interest which any tax might at once
wipe out. This small profit is enough to In
ducc many thousands Of hard-working people
10 dcposit their savings. Its abolition would
with large percentage OF these remove The
motive for dcpositing in the savings banks. A
law which required the surrender oil any part
of the deposits themselves would probably
empty the banks in short time. ana eilhcr
compel recourse to private boarding or lead 10
much waste and the general dlscouragemcnt
of thrift All this is so apparent that there Is,
as we have sad little reason to fear that the
Legislature will look seriously OF such n Dill.
But the obyiousncss of its undcsirablity rem
dcrs it the moro singular that 1t should lie
pressed so pcrsistcntly and with 20 much de-
termination that at every session ii becomes
necessary to organize opposition to IL ana 10
expose the mischicvous character OF IT plainly.
Assurcdly there is no public spirit involved
in it, no regard for the general welfare, no
GOOD motive Of any kind. 1t seems TO bc d.
rcctcd especially against the poor, and this
makes il the more pcrplcXing. For who can
have anv interest in injurng mechanics ana
servant girls ? Who can strongly desire TO
interfere with their small savings; to deprive
them of the narrow margin OF profit they op-
tain on their deposits to discourage ,hcln
from LAYING by something for the RAINY day
There is no urgent need Of fresh taxes. and II
there were. dozen different objects OF taxa
ton could be pointed out which would Involve
no hardship or injury to any one. nat con-
cciyable reason can any one have Tor passing
over all these legitimate objects OF taxation
and pitching upon savings bank deposits
The thing is mystery, but however incxplica-
bic it may seem there is no room for doubt a
10 the improperly Of the attempt or as TO the
necessity for rejecting ii as 1t has always bccn
rejected in the past Savings banks wheh
properly conducted are public beneiactons'
Scarcely anything contributes more directly
20 the establishment of community prosperity
prudent government will always clear away
obstacles of every kind from the path of such
institutions, and never consent TO hamper OF
embarass them by fiscal imposts. Considcra-
tons of this kind are so trite and patent that
il would seem almost absurd to repeat them
were il not also evident that somewhere in the
State there arc still people who do not under
stand the first principles OF sound and sane
government and whom it is peculiarly difficult
To teach.